This article first appeared on GuruFocus .
Release Date: May 12, 2026
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
Positive Points
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Record half one booking volumes with a 7% year-on-year growth, significantly ahead of the market.
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Departed volumes increased by 22% across the half and 35% in quarter two, driven by strong growth in Winter Beach and expansion areas.
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Investment in technology has led to a 24% increase in search conversion and nearly 40% of bookings are made on the mobile app.
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The company is profitable and generating cash, with booked volumes up 9% in the last six weeks.
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Significant progress in strategic transformation, including simplification, increased automation, and AI integration, leading to a 40% increase in traveled passengers while reducing headcount.
Negative Points
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Adjusted revenue decreased by 6.4 million year-on-year due to market-wide dynamics and external factors.
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The Middle East conflict has negatively impacted booking volumes, particularly higher margin summer bookings.
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Lower average booking value in the first half due to a shift towards shorter duration holidays and city packages.
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EBITDA and profit before tax were around 6 million lower than the prior year, attributed to revenue shortfall from external factors.
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The shift to shorter lead time bookings has resulted in a year-on-year reduction of 14 million in the trust account balance.
Q & A Highlights
Q: Can you elaborate on the impact of the Middle East conflict on your booking volumes and financial performance? A: The Middle East conflict has affected our booking volumes, particularly impacting higher-margin summer bookings. This has contributed to a reduction in our adjusted revenue by 6.4 million compared to last year. However, we expect some of these dynamics to unwind in the second half of the year, which will be more weighted towards summer travel.
Q: How has the shift in booking patterns affected your business model? A: Customers are booking holidays closer to departure, which is a market-wide trend. This shift has resulted in lower average booking values for the first half. However, our asset-light model allows us to manage this demand shift effectively, as we do not have to manage aircraft seats or hotel room inventory. We remain confident that people will still want a summer holiday this year.
Q: What strategic investments have you made to enhance your technology and automation capabilities? A: We have invested significantly in technology, focusing on mobile-first and self-service through our app. Automation levels have increased, with 98% of bookings now automatically fulfilled, compared to 60% four years ago. This has allowed us to scale our offer from 1 billion to 80 billion holiday combinations and reduce headcount by 40% while increasing passenger volumes by 40%.
Q: How is your business performing in terms of customer loyalty and repeat bookings? A: Our loyalty metrics are improving, with in-year repeat bookings up 24% and two-year repeat rates up 17%. Nearly 40% of all bookings are made on our mobile app, and monthly active users on the app have increased by 29% year on year. These metrics indicate strong customer loyalty and engagement.
Q: What is your outlook for the second half of the year and beyond? A: Despite the challenging environment, we are confident in delivering adjusted profit for the year between 18 and 25 million. Recent booking trends are positive, with bookings up 9% over the last six weeks and summer bookings up 17% month-to-date. We are well-positioned for medium-term growth, supported by our strategic investments and market expansion efforts.
For the complete transcript of the earnings call, please refer to the full earnings call transcript .
